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Supreme Court Blocks Trump Tariffs, President Announces New 10% Global Surcharge

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  • U.S. President Donald Trump attends an event to announce a rollback of the 2009 Endangerment Finding in the Roosevelt Room at the White House on February 12, 2026 in Washington, DC.
    U.S. President Donald Trump attends an event to announce a rollback of the 2009 Endangerment Finding in the Roosevelt Room at the White House on February 12, 2026 in Washington, DC.
    Image: Newsweek
    U.S. President Donald Trump attends an event to announce a rollback of the 2009 Endangerment Finding in the Roosevelt Room at the White House on February 12, 2026 in Washington, DC. Source Full size
  • U.S. President Donald Trump attends an event to announce a rollback of the 2009 Endangerment Finding in the Roosevelt Room at the White House on February 12, 2026 in Washington, DC.
    U.S. President Donald Trump attends an event to announce a rollback of the 2009 Endangerment Finding in the Roosevelt Room at the White House on February 12, 2026 in Washington, DC.
    Image: Newsweek
    U.S. President Donald Trump attends an event to announce a rollback of the 2009 Endangerment Finding in the Roosevelt Room at the White House on February 12, 2026 in Washington, DC. Source Full size

Supreme Court Ruling Ends Emergency‑Power Tariff Authority On February 20‑21 2026 the Court issued a 6‑3 decision that the International Emergency Economic Powers Act does not grant the president power to levy tariffs, overturning Trump’s emergency‑declaration scheme and restoring tariff authority to Congress; Chief Justice John Roberts authored the majority opinion [1][2].

Trump Shifts to Section 122 for a Uniform 10% Surcharge President Donald Trump responded by pledging a 10 % global import tariff under Section 122 of the 1974 Trade Act, which permits duties up to 15 % for 150 days without congressional approval, signaling a legal pivot while keeping his protectionist agenda alive [1][2].

Refund Claims Target Hundreds of Billions in Collected Duties Importers and businesses have filed lawsuits to recover more than $130 billion in tariffs collected under the invalidated emergency powers (Newsweek) or an estimated $140 billion loss in revenue (The Hindu), while states such as Illinois and California demand immediate refunds with interest for households, yet the Court offered no guidance on reimbursement procedures [1][2].

Sector‑Specific Duties Remain Intact and Investigations Continue The ruling leaves existing sector‑specific tariffs on steel, aluminum and other goods untouched, and several ongoing investigations could generate additional duties; the National Retail Federation praised the decision for providing certainty to importers [2].

Markets React and Politicians Split on Trade Strategy The S&P 500 and Nasdaq posted modest gains of 0.4 % and 0.7 % respectively before retail stocks retreated, while Democrats hailed the decision as a consumer victory and Republicans offered mixed reactions, with some praising the outcome and others warning against future emergency‑power misuse [1].

Sources

Timeline

2025 – Trump issues emergency declarations under the International Emergency Economic Powers Act, imposing sweeping global tariffs that collect over $130 billion in duties and trigger widespread criticism from trade experts. [1]

Feb 20, 2026 – The Supreme Court rules 6‑3 that IEEPA does not authorize the president to levy tariffs, restoring congressional taxing power and invalidating the emergency‑power tariffs; Chief Justice Roberts writes the statute’s text and history do not support such authority. [1][2]

Feb 20, 2026 – Senate Majority Leader Chuck Schumer declares the decision “a victory for every American consumer,” while Rep. Hakeem Jeffries calls it “a crushing defeat for Trump,” highlighting the partisan split over trade policy. [1]

Feb 20, 2026 – Republican Rep. Don Bacon praises the ruling as “common‑sense,” and Sen. Rand Paul warns it prevents future misuse of emergency powers, underscoring intra‑party differences. [1]

Feb 20, 2026 – President Trump announces he will impose a uniform 10 % import tariff using Section 122 of the 1974 Trade Act, saying the Supreme Court decision leaves him “more powerful” to protect the country and promising the new duty will generate “more money” than the invalidated tariffs. [2]

Feb 20, 2026 – The National Retail Federation says the ruling “provides much‑needed certainty,” and business groups begin filing refund lawsuits to recover the $130‑$140 billion already collected, creating what analysts call one of the largest reimbursement efforts in U.S. history. [2][1]

Feb 20, 2026 – Illinois Governor J.B. Pritzker issues an $8.6 billion invoice demanding a $1,700 refund per household, while California Governor Gavin Newsom demands immediate refunds with interest for “unlawfully taken” dollars, intensifying state pressure on the federal government. [1][2]

Feb 20, 2026 – Financial markets react with modest gains: the S&P 500 rises 0.4 %, the Nasdaq 0.7 %, Bitcoin briefly tops $68,000, and retailers such as Nike, Target, and Hasbro initially jump before retreating as investors weigh uncertainty over future tariffs and refund processes. [1]

Feb 20, 2026 – EY‑Parthenon chief economist Gregory Daco warns the United States could lose about $140 billion in tariff revenue, while the Budget Lab at Yale projects the average effective tariff rate falling to 9.1 % from 16.9 %, still the highest level since 1946. [2]

Feb 20, 2026 – The European Union announces it is studying the ruling, and Britain and Canada say the decision will affect ongoing trade talks, indicating potential shifts in transatlantic trade negotiations. [2]

Late Feb 2026 (expected) – The administration prepares to sign a Section 122 order that would impose the 10 % global surcharge for up to 150 days without congressional approval, signaling the next phase of Trump’s protectionist agenda. [2]

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